Acies Corporation Names New Vice President of Indirect Sales

NEW YORK- (BUSINESS WIRE) - October 10, 2006 - Acies Corporation (OTCBB:ACIE), a financial services company that specializes in providing payment processing and online banking services to small, medium and large-size merchants across the United States, today announced the appointment of Matthew Hosey as the Company's new Vice President of Indirect Sales. Hosey will report directly to Oleg Firer, Chairman, President and CEO of Acies.

With over 15 years experience in sales and management serving the financial and payment services industries, Hosey brings Acies a proven ability to build market presence and revenue growth within highly competitive markets. Prior to joining Acies, Hosey served as Manager of ISO Recruitment and Support at Cynergy Data, where he led the build-out of the New York-based payment processing company's ISO and independent agent sales channel and oversaw the daily management of its operational service and support. As Director, Client Services/Sales at Practice Pay Solutions, Inc., Hosey was responsible for identifying and winning new accounts and increasing awareness of the Company's payment processing services and solutions within professional associations. As a National Account Executive with Comdata/Platform, he successfully promoted and sold payroll cards and related services to large national corporations with 10,000 or more employees. As Director of Business Development for Financial Payment Systems, Hosey worked with high volume retail, restaurant and lodging merchants, and received corporate recognition for significantly increasing credit card processing volume within the first three months of his three year tenure. While serving as Merchant Plan Manager at Bridgehampton National Bank, Hosey directed all sales and marketing operations, and led a more than four-fold increase in processing volume in a two year period.

"Matt is a welcome addition to the Acies sales leadership team," stated Firer. "Given his fresh and exciting ideas for building our indirect sales channels, coupled with a well established track record for achieving results, he is sure to play a vital role in our Company's future growth."

About Acies Corporation (pronounced "ay-see-us")

Headquartered in New York City, Acies Corporation is a financial services company that, through its wholly owned subsidiary, Acies, Inc., specializes in providing payment processing and online banking services to small, medium, and large-size merchants across the United States. Acies' payment processing services enable merchants to process Credit, Debit, Electronic Benefit Transfer (EBT), Check Conversion, and Gift & Loyalty transactions. Acies also offers traditional and next-generation point-of-sale (POS) terminals, which enable merchants to utilize Acies' payment processing services. Acies' banking services offer customers traditional banking services and the ability for customers to apply for an on-line bank account and pay bills electronically. For more information, visit http://www.aciesinc.com.

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: This press release contains or may contain forward-looking statements such as statements regarding the Company's growth and profitability, growth strategy, liquidity and access to public markets, operating expense reduction, and trends in the industry in which the Company operates. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in the Company's filings with the Securities and Exchange Commission, including the risk factors in its form 10-KSB for the year ended March 31, 2005. The Company assumes no obligation to update these forward-looking statements to reflect actual results, changes in risks, uncertainties or assumptions underlying or affecting such statements, or for prospective events that may have a retroactive effect.

For More Information, Please Contact: 

Dodi Handy President and CEO Elite Financial Communications Group (407) 585-1080 acie@efcg.net